BUS 329 Chapter Notes - Chapter 4: Student Loans In Canada, Cardiorespiratory Fitness, Early Childhood Education
19 Nov 2016
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Introduction of a new 33% federal tax bracket for taxable income in excess of ,000. Income that is removing from net income: worker"s (cid:272)o(cid:373)pe(cid:374)satio(cid:374, social assistance payments. An employee receives a ,000, interest free loan from his employer on july 1, 2016. During the remainder of the year, assume the prescribed rate is 2%. : available for 5 years only, first ,000 of loan would not get interest benefit. 33. 0: for 2016, an individual has taxable income of ,300 and only his basic personal tax. All provinces apply progressive rates to taxable income: minimum is 20. 05% combined, maximum is 58. 75% combined. Minimum rate applied to a base (15% for 2016) If income is above threshold, base amount reduces. Includes common-law and same sex (cid:4666)(cid:883),(cid:886)(cid:889)(cid:886) net income of spouse(cid:4667) (cid:883)(cid:887): gets the ,121 family caregiver amount in infirm, maximum of credit is either ,721 or ,039.
